Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
Control accounts the account which represents a particular sub ledger, sales ledger and purchases ledger control accounts.
At the end of an accounting period the accounts are balanced off and a trial balance prepared to check the accuracy of the book keeping entries. If a trial balance fails to balance this usually indicates that an error or errors may have been made and needs to be identified. As the business expands the accounting requirements increase which may lead to more errors occurring which are very difficult to find.
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
Control accounts the account which represents a particular sub ledger, sales ledger and purchases ledger control accounts.
At the end of an accounting period the accounts are balanced off and a trial balance prepared to check the accuracy of the book keeping entries. If a trial balance fails to balance this usually indicates that an error or errors may have been made and needs to be identified. As the business expands the accounting requirements increase which may lead to more errors occurring which are very difficult to find.
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
Accounting, as an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making. It identifies transactions and events of a specific entity. A transaction is an exchange in which each participant receives or sacrifices value (e.g. purchase of raw material). An event (whether internal or external) is a happening of consequence to an entity (e.g. use of raw material for production). An entity means an economic unit that performs economic activities.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
clubs & societies : final accounts of non - profit organisationsSanjaya Jayasundara
Final accounts of clubs and societies, Receipts and payments account , subscription , income and expenditure account , life subscription calculation, accumulated fund , accrual concept, differences between receipts & payments account and income and expenditure account. Cambridge O Level (7110 ; 7707) past papers and model papers,
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
journal, ledger and trial balance indeep understanding with examples . A brife note on their pratical implimentation of journal, ledger and trial balance . their formate with explaination and examples
Control Accounts
Cambridge O Level
Cambridge IGCSE
Accounting
7110
7707
Control Accounts all the theories, past paper questions , model papers short notes
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Control account is an account which maintains in the general ledger to represent a particular subsidiary ledger. There are two control accounts. 1 Sales Ledger Control account 2 Purchases Ledger Control Account
Accounting, as an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making. It identifies transactions and events of a specific entity. A transaction is an exchange in which each participant receives or sacrifices value (e.g. purchase of raw material). An event (whether internal or external) is a happening of consequence to an entity (e.g. use of raw material for production). An entity means an economic unit that performs economic activities.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
clubs & societies : final accounts of non - profit organisationsSanjaya Jayasundara
Final accounts of clubs and societies, Receipts and payments account , subscription , income and expenditure account , life subscription calculation, accumulated fund , accrual concept, differences between receipts & payments account and income and expenditure account. Cambridge O Level (7110 ; 7707) past papers and model papers,
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
journal, ledger and trial balance indeep understanding with examples . A brife note on their pratical implimentation of journal, ledger and trial balance . their formate with explaination and examples
Control Accounts
Cambridge O Level
Cambridge IGCSE
Accounting
7110
7707
Control Accounts all the theories, past paper questions , model papers short notes
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Control account is an account which maintains in the general ledger to represent a particular subsidiary ledger. There are two control accounts. 1 Sales Ledger Control account 2 Purchases Ledger Control Account
Clubs & societies cambridge a level tuition: Cambridge A Level Paper 3 No...Sanjaya Jayasundara
Candidates should be able to prepare fnancial statements for
‘not for proft’ organisations, including:
• a trading account
• an income and expenditure account
• a statement of financial position.
Clubs and socieities all theories , past papers model papers extra readings
Cambridge A Level
Cambridge O Level
Accounting
9706
Differences between a club and a company
Difference between capital and accumulated fund
Terms used in a club and a profit making business
Differences between the financial statements of a not for profit organisation and a limited company or another profit oriented business like sole trader and partnerships
Reason to capitalize the donations received
Reasons to not to give dividends to members
Differences between the donation and subscription
Subscription calculation using the account or equation
Differences between receipts and payments account and income and expenditure account
All the important theories for a level students under clubs and societies final account
Spring Cleaning: Getting Your Financial House in Order (Early Growth Financia...Lighter Capital
Lighter Capital and Early Growth Financial Services (EGFS) hosted a joint webinar on Thursday May 3, 2018.
Covered in this webinar: (1) Key financial statements and key metrics/data, (2) What do investors care about and tailoring your information for investor conversations, and (3) Common pitfalls and unintended hurdles when the financial house is in disarray. This webinar is catered towards CEOs, C-level employees, and co-founders of early-stage startups across all industries.
Speakers included Allen Johnson: CIO, Lighter Capital (https://www.lightercapital.com/) and Sirk Roh: Consulting CFO, Early Growth Financial Services (https://earlygrowthfinancialservices.com/).
Cambridge O level
National O Level
Edexcel O Level
7707
Prime Entry books
Books of Original Entry
Accounting
Introduction to Accounting
Accounting process
make entries in the relevant ledger accounts to record
the:
–– merger of two or more sole traders’ businesses to
form a partnership
–– merger of a sole trader’s business with an existing
partnership to form an enlarged partnership
–– acquisition of a sole trader’s business or partnership
by a limited company
• prepare income statements and statements of financial
position for the newly formed business following the
merger, for example the limited company acquiring the
partnership
• evaluate and discuss the advantages and disadvantages
of the proposed merger.
Advantages or reasons behind the business purchase(acquisition) and merger : Synergy, Vertical integration etc
Purchase consideration
Goodwill
Net Assets
Standard Costing
Candidates should understand the application of a system of standard costing to an organisation.
Candidates should be able to:
• calculate the following variances:
– direct material price and usage
– direct labour rate and efficiency
– fixed overhead expenditure, capacity, efficiency and volume
– sales price and volume
• reconcile standard cost to actual cost
• reconcile standard profit to actual profit
• explain the causes of the variances and their relationship to each other
• discuss how standard costing can be used as aid to improve the performance of a business
• discuss the advantages and disadvantages of a standard costing system.
Investment Appraisal: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Budget : The financial plan for a short period of time: Individual Budgets : Purchases Budget: Production Budget: Sales Budget: Labour Budget: Trade Receivables Budget: Trade Payables Budget: Inventory Budget: Master Budgets: Cash Budget: Budgeted Income Statement : Budgeted Statement of Financial Position: Evaluation of Budgets ( Advantages and Disadvantages of Budget): recognize the effect of limiting factors on the preparation of budgets: prepare a flexed budget statement: entify and explain the causes of differences between actual and flexed budgeted data
• make business decisions and recommendations using supporting data
• discuss the behavioural aspects of budgeting
Standard Costing: Management Accounting Cambridge A Level Paper 3 last 2 questions: Payback period: Discounted Payback period: Accounting Rate of Return (ARR): Net Present Value (NPV): Internal Rate of Return (IRR) : Sensitivity Analysis: Cambridge A2 Standard Costing Past Papers
Activity Based Costing:
The latest costing method in this centaury;
Cost Drivers; Cost Pool; Cost Driver Rates ; All the ABC Cambridge A Level Past paper questions ; ABC Model questions
Introduction.
Discuss the role of the auditor
Discuss the auditor’s basis of opinion
Identify the records that require to be audited
Explain the connection between shareholders, directors and auditors
Understand what is meant by the term ‘true and fair view’
Discuss the role of directors.
Stewardship
Extra readings
Past paper questions.
Model questions.
Summary
Correction of accounting errors for a Level or level under National , Edexcel and Cambridge Syllabuses
Situations where errors take place:
Two types of errors , Errors which are not revealed by the trial balance and errors which are revealed by the trial balance, errors of omission , commission , principle, original entry , compensating and complete reversal , suspense account , past papers
Activity-based Costing
Cambridge A2
MA
Paper 03
Activity based costing: defined by CIMA
Cost drivers
Cost driver rate
Cost pools
Stages in using an Activity-Based Costing System
Advantages of Activity-Based Costing System
Dis-advantages/Limitations of Activity-Based Costing System
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
2. Incomplete Records
* Introduction
* Statement of Affairs
* Calculation of profit using basic accounting equation
* Calculation of profit using the capital account
* Calculation of opening capital, sales, purchases and
closing bank balance.
* Important Ratios
* Margin
* Mark-up
* Stock Turnover
* Summary
Sanjaya Jayasundara Accounting
3. Introduction
When a full set of accounting records is maintained the owner of the business
has all the information available about the assets, liabilities, revenues and
expenses of the business. This makes the preparation of final accounts
relatively easy.
Sometimes businesses, small businesses in particular, do not maintain a full
set of accounting records. This means that a trial balance cannot be drawn up
and the final accounts cannot be prepared until a certain amount of
preparatory calculations have been carried out.
Sanjaya Jayasundara Accounting
4. Statement of Affairs
When a list of assets and liabilities is prepared without the use of a
set of double entry records it is known as a statement of affairs rather
than a balance sheet.
Sanjaya Jayasundara Accounting
5. Calculation of profit using basic accounting equation.
If the assets, liabilities and capital of the business are known and no further
information is available, the only way in which the profit can be measured is to
compare the change in the capital over the financial period.
* Capital increases when a profit is made and decreases when a loss is
incurred.
The basic formula for calculating profit is:
Sanjaya Jayasundara Accounting
Profit = Closing capital – Opening capital.
7. If drawings have taken place during the period, the formula must be modified
to:
If additional capital has been introduced during the period, the formula must
be modified to:
Sanjaya Jayasundara Accounting
Profit = Closing capital – Opening capital + Drawings
Profit = Closing capital – Opening capital + Drawings – Capital introduced
8. Profit for the period can be calculated using capital account as follows:
(Calculation of profit using the capital account)
Sanjaya Jayasundara Accounting
Date Details Folio $ Date Details Folio $
Year 1
Dec.31
Drawings ×××× Year 1
Jan. 1
Balance b/d ××××
Balance c/d ×××× Dec.31 Bank ××××
Net profit ?
×××× ××××
Year 2
Jan. 1
Balance b/d ××××
Capital Account
9. Calculation of opening capital, sales, purchases and closing bank balance.
Calculating credit sales.
1st method
2nd method
Total Debtors account
Sanjaya Jayasundara Accounting
Opening Capital = Assets as at year beginning – Liabilities as at year beginning.
Credit Sales for the year = Receipts from debtors – Debtors as at year beginning .
+ Debtors as at year end.
Date Details Folio $ Date Details Folio $
Year 1 – Jan. 1 Balance b/d ××× Year 1-Dec.31 Bank ×××
Year 1-Dec.31 Sales ××× Balance c/d ×××
××× ×××
Year 2- Jan. 1 Balance b/d ×××
10. Calculating credit purchases.
1st Method
2nd Method
Total Creditors Account
Sanjaya Jayasundara Accounting
Total Sales = Credit sales + Cash sales
Credit Purchases for the year = Payments for creditors – Creditors as at year beginning
+ Creditors as at year end.
Date Details Folio $ Date Details Folio $
Year 1-Dec.31 Bank ××× Year 1 –Jan. 1 Balance b/d ×××
Balance c/d ××× Year 1-Dec.31 Purchases ×××
××× ×××
Year 2- Jan. 1 b/d ×××
11. Calculating bank balance
Bank Account
Sanjaya Jayasundara Accounting
Total Purchases = Credit Purchases + Cash Purchases
Date Details Folio $ Date Details Folio $
Year 1 –Jan. 1 Balance b/d ×××× Year 1-Dec.31 Total
payments
××××
Year 1-Dec.31 Total receipts ×××× Balance c/d ×××
×××× ××××
Year 2- Jan. 1 Balance b/d ×××
12. Important Ratios
Sanjaya Jayasundara Accounting
Margin = Gross profit/Sales
Mark-up = Gross profit/Cost of sales
Stock Turnover = Cost of goods sold/Average stock
13. Summary
* A statement of affairs is similar to a Statement of Financial Position and is
prepared when full set of accounting records is not maintained.
* Profit can be measured from the change in the capital over a period of time,
taking into consideration drawings and capital introduced.
* The amount received from debtors does not necessarily equal the credit sales:
the amount paid to creditors does not necessarily equal the credit purchases.
* When a record of money paid and received is available as well as the assets
and liabilities, it is possible to prepare a set of final accounts after calculating
sales and purchases.
* Gross profit can be expressed as margin (on selling price) and as mark-up (on
cost price)
* The rate of stock turnover is the number of times a business replaces its stock
in a given period of time.
Sanjaya Jayasundara Accounting
14. I wish you an enjoyable learning…..!
Sanjaya Jayasundara
“The best investment is education.”